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Wednesday, 14 April 21
MARKET INSIGHT - INTERMODAL
 After a series of months where the dry bulk sector was attracting most of the buying interest, tankers SnP activity spiked in the previous weeks. Over the last week, prevailing buying interest in the wet sector continued to grow with the spotlight being on modern MRs and vintage VLCCs. A total of 8 deals were reported in the MR segment, the vast majority of which were built in South Korea and were less than 5 years old up to Resales, while a couple of them were built in Japanese yards aging around 10 and 20 years, respectively. In the VLCC segment more than a handful of S&P transactions were recorded with most of them being built in South Korean yards and more than half fitted with scrubbers while the whole S&P realm consisted of vessels aged above15 years.
In the NB market, with regards to the VLCC segment, during Q12021, around 25 orders were placed whilst all of them were in Korean shipyards, the highest figure since Q2-2015 when circa 30 vessels were ordered, but VLCC earnings were hovering above $40k/day vs the current negative BDTI TCE for VLCCs. The closest Q1 contracting levels were seen during the first quarters of 2014, 2015 & 2019 when around 15-20 orders were placed. Compared to Q12020, the figure is around 4 times higher while it represents around 60.0% of the total annual placed orders during 2020. For reference the VLCC current orderbook accounts of approx. 96 vessels.
VLCC orders placed during 2021 up to date, were contracted for account of Greek, Korean, Malaysian and US based buyers, with Greeks holding a proportion slightly less than half of the total. Out of the 8 different parties that put these orders, 3 of them having recently sold their vintage tonnage are aiming for a fleet renewal while a couple of them are aiming at expanding their fleet. What is more, the rest 3 parties with an orderbook corresponding to around 9 vessels are newcomers into this segment. Although owners of such tonnage are struggling to confront the current low rates, their choice either in expanding/renewing their fleet or even entering this segment, is in fact a vote of confidence to the crude oil market and proves their high expectations.
As for the other crude oil segments, new contracts have been relatively subdued compared to VLCCs and have come below the past 5 year average during Q1s. Regarding the MR segment, around 18 units were contracted, being the highest Q1 contracting figure since Q12014, when approx. the same number of orders was placed.
Overall, as owners maintain a positive sentiment regarding the wet market and combined with an aging fleet, this tendency has led to an increased number of n/b orders by historical standards vs where the actual market stands, especially in the VLCC segment. However, tankers supply dynamics still look favorable over the next two years, as total orderbook as a % of the fleet continues to start at multiyear lows, with VLCCs orders below 10% of the fleet in dwt terms and below 9.0% for the rest of the crude segments.
By Mohamed Rabie,
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
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- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- White Energy Company Limited
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Planning Commission, India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
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